Wave Analysis 01.03.2013 (DJIA Index, Crude Oil)


Analysis for March 1st, 2013

DJIA Index

Yesterday the Index formed an ascending impulse inside wave [5]. The structure of the fifth wave implies that an ascending movement is over. We can’t exclude a possibility that on Friday the instrument may make a reverse and start forming an initial bearish wave.

More detailed structure of wave [5] is shown on the H1 chart. I should note that an ascending movement may turn out to be just the first wave inside wave [5], but so far it’s an alternative scenario. Most likely, after a local correction, the Index will start a new descending movement inside wave (3).

Crude Oil

Oil is still expanding wave (3). On Thursday the bulls managed to break a local minimum. In the near term, the price is expected to continue falling down.

As we can see at the H1 chart, the price is forming diagonal triangle pattern inside wave 5. On the minor wave level the instrument is forming the third wave. After a local correction, Oil may start a new descending movement.

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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.